Home>News> Economic activity slumps to near one-decade low in April on transitory disruptions in mining sector

Peru Economic Activity April 2019

Peru: Economic activity slumps to near one-decade low in April on transitory disruptions in mining sector

June 18, 2019

Economic activity was stagnant in year-on-year terms in April, down from the 3.2% expansion recorded in March and marking the worst result in nearly 10 years. Therefore, national production in January-April grew a modest 1.7%.

The slowdown was prompted by notable contractions in the important manufacturing, and mining and quarrying sectors, and by another slump in the fishing sector. Continued disruptions at Las Bambas mine led mining production to shrink. On the other hand, the construction, telecommunications, and financial sectors recorded sizable expansions.

Meanwhile, the annual average variation in economic activity came in at 3.0% in April, well down from March’s 3.7%.

LatinFocus Consensus Forecast panelists expect GDP will expand 3.8% in 2019, which is unchanged from last month’s projection. For 2020, the panel sees the economy growing 3.7%.

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Peru Economic News

Peru’s trade balance recorded a USD 456 million surplus in July, smaller than June’s USD 815 million surplus and the USD 556 million surplus recorded in the same month last year.
Exports fell 2.7% year-on-year in July (June: -12.1 year-on-year), weighed down by lower foreign sales of fishing and mining products, and of oil and natural gas.

Economic growth halved to 1.2% year-on-year in the second quarter, from a revised 2.4% expansion in the first quarter (previously reported: +2.3% year-on-year), marking the slowest expansion since Q4 2014.

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